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of budget battles when congress would be asked to increase debt ceiling. >> congress can limit the debt. and should not allow the e a budget plan from the white house. and the democratic senate. >> but they would prefer congress sort out this. >> this is not a deal that the white house is going to have. >> that will continue. >> mike emanuel live on the north lawn. thank you. >>> european union warns of new divide in continent between rich and poor. the unemployment numbers peak and the social welfare systems spray. amy kellogg has disturbing job news from london tonight. >> the euro zone unemployment average reached all-time high of 11.8%. up from 11.7 in october. in country like italy, the situation is particularly dire. youth unemployment registered to 37%. >> here they are lined up with jobs accusation center. >> i don't have any trust in my country. absolutely not. no way out. we have our backs against the wall. either you leigh, if you stay here you are condemned. >> some blame the austerity measures that led to violence across the continent for aggravating the employment situatio
for it would happen sometime between february 15th, and march one. either congress figures out the debt ceiling before then or things get very bad, real quick. first it means the federal government will have to default on 40% of our obligations, 40% of what we do will be gone. let's say they make decisions on medicaid, medicare, defense, food stamps, kind of just the bare services there. doing all that will mean defaulting on everything, and really i mean everything else. the fbi will shut down, people responsible for tracking down loose nuclear weapons, the court system closes its doors. the faa off line, parks closed, food safety inspections, they stop, nobody gets tax refunds or fixes your roads. it is bad, second, meanwhile, too, the financial markets will go into complete chaos, u.s. government debt is after all the safest investment in the world, so it is used as the benchmark for all other types of debt. what that means, when you buy a mortgage the government looks at what it pays to borrow and begins your estimate there. if we spike the treasury rate because nobody trusts our government
. by law congress can only spend so much money and rack up so much debt. we hit that ceiling on february 15th according to the policy center. on that day, the inflow into the treasury coffers, $9 billion. imagine this like your own checkbook. on that day you have $52 bill chron in bills due. >> we've got a big -- >> so break that down for me. in that set of bills, what's due that day? >> well, the biggest part of that committed spending is $30 billion interest on our debt. we have to pay the interest, or we are in default of our obligations. we borrow money every day just to run the country as it is. >> just look at that top picture you have about 30 billion would be the mortgage payment and all of those littler numbers would be the expenses. >> these are things that people wee lie on. it's a friday, it's payday, so federal salaries and ben felts. medicare and medicate, defense vendors going paid on the 15th. these are things that in theory, if you don't raise the debt ceiling, the government could have to give you an iou instead of money. >> obviously this is a serious problem, because if
. the deal also did not tackle the impending debt ceiling, a debate that will likely consume congress in the months ahead. joining me from washington, david leonhardt, he is the washington bureau chief of the "new york times." from chicago, austan goolsbee, a professor at the university of chicago booth school of business and previously chairman of the president's council of economic advisors. i'm pleased to have both of them back on this program. david, let me begin with you and tell me exactly where you think we are having that january 1 up to the last minute deal. what is the order of business for the executive branch and the legislative branch to do something to develop some sense of predictability and certainty and a road map for the future. >> well, we just missed a pretty substantial opportunity thief happen because i think the bigger deals that were on the table that president obama and speaker boehner were talking about would have removed some of these up coming deadlines, like the debt ceiling. and they didn't get one of those bigger deals. instead they got something in whic
making why we want to have this debt ceiling thing. you should be having these fights when congress is deciding what money to spend it on not when there's a separate later thing called the debt ceiling. so it seems to me good economic policy making would get away from these debt ceiling fights and by extension get away from the boehner rule it's not like the boehner rule leads you to if you naught in place then we have a well functioning economy. >> rose: austan, do you have a sense whereof the president would be willing to make entitlement spending cuts? >> i don't have that specific other than to observe the social security side is a lot more understandable and a lot easier to look at that is the health care spending side because we fundamentally understand the social security side. it's all about the aging of the population. on the health care side you have to limit the growth rate and economists--on-partisan on both sides they don't have that great of a sense of how you do that. if it were me i would guess that most discussion would start on social security unless we move into a
the pentagon. he slammed the door on debt ceiling negotiations demanding congress raise it without drama and says he's ready to be tough on gun control but remember the president doesn't have to worry about re-election ever again. so expect his second term agenda to look a lot like this. full of overtures to the base which criticized him over the last four years for caving to republicans. to help decipher what to expect in the next four years, we start with nbc's peter alexander outside of the white house and "the washington post" david nakamura. peter, look, you could describe the first term and the first few months since being re-elected as a confident obama. making bold cabinet picks. laying out a very ambitious agenda, adding gun legislation to the docket or you could describe it as almost confident. you know, he backed away from the susan rice pick. he gave in on taxing the top income earners at the rate he wanted. and so far he's really just tiptoed kind of cautiously around gun control. so this a confident obama based on the agenda you're seeing or a caution one? >> reporter: focu
into which sewer. >> i do think ultimately it's not going to be the debt ceiling. that's one where congress almost by definition is going to lose. it's a poor place to have this discussion. it's going to happen in and around sequestration. and you made a point earlier about the fact why don't the republicans come up with a clear idea and clear frame. i think that applies to both democrats or republicans and i would submit the first side that does it in a clear big way that provides a bigger context and framing is going to be much stronger position. that's where the fight's going to take place. >> there is one clear deal i would make, larry, and i would recommend both sides to make. >> real quick. >> change cpi for the debt ceiling. get rid of the debt ceiling, permanent fix. >> i'm for that, everybody's for that except senate democrats aren't for that. we'll see. thank you very much. awfully sensible, if i may say so myself. tony, hang with us, we're going to have you back as a football analyst. but we've got some good news and even some better news. now, listen to this, regulatory menace l
intentions. the debt ceiling message is the same, congress must allow the administration to pay the bills that congress be mandated be paid. >> shep: they spent money, the congress, and now what this is all about, do we actually pay for just what we just bought. you actually get to do that? >> you should not be able to. it's understandable why this happens. this is an instrument of influence by the congress when you don't have somebody in the white house. realistically speaking it's the mix of things getting debated and it raises the stakes. next phase is how much revenue we're going to get, it's about are we covering the bills the next seven months. >> shep: were you surprised by jack lew? >> it seemed to be pretty well telegraphed. loyalty is put at a premium. as all the reports say the president seems to trust she good advocate. just because it's been kind of put out there for a while. >> shep: where before they were a team that had gone at each other and now he is bringing a team of loyalists? >> it appears so. maybe not defense as much of a loyalist or insider, but i do think that is
, the debt ceiling can probably, on that basis if nothing is congress, congress will agree to raise debt ceiling on the sequestration. but that is a messy solution. what we need is an agreement between congress and the president over the long-term, both on what spending measures have to be taken for 2013 and longer term. and that is the debate that is still under way. i think there will be some sort ooh a deal. we were halfway down from the previous agreement reached on september 11th. it's a process that's going to be tortuous, but it will probably be resolved. >> tortuous and messy i think will the right words. >> why don't we turn our ears now until like this 24th hour and then just tune -- i mean, forget anything to that point is going to be noise, right? >> well, unless the noise tells you it's going to happen which is it's going to be -- >> well, that's my point. we all know it's going to be messy, complicated, tortuous. >> clearly, it will be fiscal issues in the u.s. economy. unless there's growth in the private sector to more than compensate for that, u.s. growth is not going to
to replace tim geithner. if he is confirmed, he will work with congress to raise the debt ceiling and also the president will have to work with a new chief of staff. >>> they have approved new zephyrs pay -- severance pay under the done ask done tell law. the settle -- don't tell law. the settlement comes after the vote last fall. >>> the two electronic's company are fighting on several fronts. today it will lead to selling it here in the u.s. and it includes gallon lassie includes 8 of its parents and they are not being compensated. the battle -- 8 of its patents and they are not back compensated. >>> we now know the name of a woman who crashed into a pond and died. she lost control of her car on the on ramp and it hit a curb crashed through a fence and went right into the water. dive teams tried rescue her but it was too late and the cause is still under investigation. >> they gave tough approval and the council unanimously included medical marijuana and electronic cigarettes. this includes commercial sidewalks and this takes affect next month. other limits will be phased in next year. >
this time over the debt ceiling. both the white house and the republicans in congress are digging their heels in raising the threat of another government shutdown. we will get a live report from washington next. plus, seems kids these days have pretty high opinions of themselves according to findings of a new study. the research suggests they could be in for a bit of a disappointment. you ain't all that. et frequent n come between us and what we love. so if you're one of them people who gets heartburn and en treats day after day... block the acid with prilosec otc and don't get heartburn in the first place! [ male announcer ] one pill each morning. 24 hours. zero hearurn. but, dad, you've got... [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? [ voice of dennis ] indeed. isurprise...it's eating less. to losing weight. i'm hungry just thinking about it. thank goodness for new slimful. one delicious, 90-calorie slimful and a glass of water, like be
cuts, the debt ceiling, and a continuing resolution to fund the government. there are also two pieces of legislation that embarrassingly congress dropped the ball on last year are, relief for victims of hurricane sandy and renewal of the violence against women act. there is the farm bill that sets farm subsidies and food aid for the poor. there is postal reform, as the usps hemorrhaging $25 million a day and may need a bail-out, and the pie in the sky, the if only they could get their act together and actually do something wish list items, meaningful changes to the nation's gun laws and immigration reform, which the 11 million undocumented workers in this country are counting on. more than just a full plate, this is a jam packed enchilada of responsibility. joining us now from washington is the sade of capitol hill, boat shoe enthusiast and my celebrity dopplerleganger, nbc's luke russert. a man, i will say, who does not really take a vacation, luke. you have been in the trenches this whole holiday season, my friend. >> yeah, but thankfully the united states congress, the 113th got of
and congress of bickering of the debt ceiling. how much do we cut security of a tweak of medicare. >> i do not have a crystal ball if i did not have a small island and have my own basketball team people under 4 ft. tall. >> we do not know what will happen the next days. >> we will check back with rob for winners and losers on wall street at 9:15 a.m.. >> right now is 6:48 a.m. and we are watching the weather. let us take a live look on van ness ave from our roof camera. we're getting a better look at things as the light is coming out. we will get with erica on the fall that is the big story and whether there is for to let us go to george. >> we're still tracking hot spots of interstate 80. even though progress is being made on clearing the crash. the back of continue to grow from el cortel drive. >> will continue to have a dense fog advisory for highway 4 in the antioch pittsburgh area. chp has not yet lifted advisory. that would affect traffic in both directions. it may be why we see a slower than usual east bound right. a new hot spots that is the problem here on the nimitz freeway. 880
defaulting between february 15th and march 1st. happy valentine's day, china, unless congress raises its debt ceiling. >> our fourth story, president christie? new jersey's governor got a big stamp of approval. there was a poll that just came out, gave governor chris christie 73% approval rating among new jersey voters. that's really important and significant. the reason is because new jersey is a big "d" democrat state. went for president obama in each of the two past presidential elections. so is christie the biggest contender for 2016? all right, this is a guy that -- he says what he thinks, roland. he says what he thinks. let me start off because a lot of republicans, john, have been questioning his party loyalty after the aftermath of hurricane sandy because in the final days of the campaign, he appeared with and complimented president obama. and then afterwards, he got very angry about the vote, right? and he slammed john boehner. loving obama, hating boehner, here he is. >> our delegation asked for a meeting with the speaker at that time. they were refused. i called the speaker four ti
hagel as they want them to focus on what's happening with sequester and the budget and debt ceiling and other things that have direct impacts on people's lives. from a policy standpoint, does this come down to bush era neocon, that reminds them that he opposed the war. >> he did oppose the surge. for republicans this is about somebody whom they disagree with on policy and never liked that much in the senate because he wasn't the kind of senator that had a lot of friends, that played the relationship game at a high level. and so it's not like he has solid friendships that can help republican members of the senate who serve with him overlook their policy disagreements with him. ultimately, i expect senator hagel to tell members -- to tell the senate and tell republicans that he is there to do what the president asks in addition to providing his own honest counsel which we know will generally always be private. he will get roughed up and it will be good theater for us and ultimately he will be confirmed. my only caveat, he's been successful as a bisz man businessman before in the senat
. not raising the debt ceiling is not the same as a partial government shutdown. raising the debt ceiling isn't about future spending, it's about past spending approved by congress. default would cause an immediate financial collapse with long-term national and global consequences. it's estimated the 2011 standoff increased the nation's borrowing cost by $1.3 billion in that year alone. it amazing me that the people using the debt ceiling as leverage to reduce the deficit don't seem to mind playing another billion dollar game of chicken. president obama said he would not negotiate over the debt ceiling. it looks like some republicans might already be backing off this fight overall. but in "the wall street journal" in an interview, john boehner, house speaker, called the debt bill "one point of leverage." but also acknowledged it's not the ultimate leverage. so where are they going with all of this? i'm going to john nichols tonight, washington correspondent for "the nation" magazine. john, good to have you with us. it's a game of chicken they are playing on sunday's "face if nation." senate m
with a -- fix the fiscal cliff and deal with the debt ceiling? >> the fiscal clefted not fix the debt, and that was the big debate during the fiscal of conversation. is this affecting tax policy or is this about trying to pixar debt and deficit. there was a group that said let's fix the tax policy in deal with the deficit later. as supporters sang, we must deal with the debt and deficit which is the bigger issue. gerri: you voted against it. >> i did. gerri: what can we do about this? what can we do about this? >> well, we have three things. people will hear them thrown together by the senate and presidency, but there are really three different distinctly different things. the debt ceiling, the sequestration that has now been punted for two months, and we also have what is called a continuing resolution all will be abbreviated as a cr. all three are good moments to deal with spending. but they're all very different, not the same. sequestration is our agreement that we are going to cut spending, 100 billion this year. that got punted for two months as part of the fiscal cliff and will
.c. will hit our 16.4 trillion dollar debt ceiling on february 15th unless congress acts. republicans have said that they will not approve an increase to the debt ceiling, basically our credit limit, without some spending cuts. but a group of democrats have now sent a letter to president obama arguing that he doesn't really need the republicans to say okay to raising the debt ceiling, he can do it himself and if the republicans don't like it, they can take him to court. brit hume is our fox news senior political analyst, brit, so the democrats want president obama to say, if the republicans say you're not getting your debt ceiling increase unless you give us spending cuts, they want president obama to turn around and say i'm not giving them to you and if you refuse to raise the debt ceiling i'm just going to do it, if you don't like it, sue me. is this likely? >> well, i don't think it's a likely outcome and i think if it ever came to that that the president would almost certainly lose some of his administration's lawyers have said as much. and basically what it comes down to, there's a passage
into the debt ceiling as early as feb. fifteenth unless congress reaches and agreement. joining us from both sides of the aisle republican congressman paul brown of georgia, democratic congressman john young of kentucky. thank you for joining us today. it will be a contentious issue. let me begin, the republicans saying they will agree to raise the debt if there's corresponding spending cuts otherwise they don't want to raise the debt ceiling. those two are really tied together, why would you not agree to that? >> right now is not the time to cut spending dramatically. we are faced with a struggling economy, a struggling recovery and every bit of government spending you can't comes out of the economy. if we hit the debt ceiling february 15th, the same bipartisan policy center report said we would basically take one month time, $165 billion out of the economy. that is 10% of gdp in one month. that would send the economy back into recession, unemployment would skyrocket again, we would be far worse off. we need a balanced approach to deficit reduction. we started on that track and need to cont
's first priority would be to work with congress to raise the debt ceiling and the president would need to find a new chief of staff. >>> a federal court has approved additional severence pay for dozens of former military servers who are gay and lesbians who were discharged under the don't ask, don't tell law. this covers 180 veterans who received only half their separation pay. don't ask/don't tell was repealed last fall. >>> it will be late march before the u.s. supreme court hears arguments on two same-sex marriage cases. arguments on proposition 8 which bans gay marriage, will be heard on march 26th. the court will hear the challenge to the federal defense of marriage act the next day. doma makes it so salt lake city marriages are not recognized -- so same-sex marriages are not recognized under any laws and allows states to ignore same- sex marriages performed in other states. >>> today, google chairman eric schmidt met with students at a university in north korea. now, schmidt is visiting north korea along with bill richardson. you are looking at some new video. there's schmidt and
it. but no president has made that argument. the congress has raised the debt ceiling 70 times since 1917. every single president from woodrow wilson to barack obama recognizes that only the congress can authorize debt. >>gretchen: oftentimes people put out a trial balloon to see how the public reacts to it. do you think there was anything to do with nancy pelosi saying that on behalf of the president or just her idea? >> i can't get into mrs. pelosi's head. the statement was disingenuous, not grounded in history and betrays the purpose of the constitution. >>gretchen: you don't think it will happen? >> it's not going to happen. think about people loaning money to the federal government. they would be hesitant to do so without a promise by the congress to pay it back. why the congress? the constitutes says only the congress can raise money and pay debts. and mrs. pelosi should know that. >>gretchen: you would know what the constitution says. judge, great to see you. happy new year. >> happy new year to you. welcome back. >>gretchen: next, eat your way to a stress-free life. dr. samad
like play with the debt ceiling over that issue. just settle down. you know, this notion that somehow you're sending a signal to the administration, congress ought to be looking in the mirror. the administration is not spending anything that the congress did not appropriate. part of what is going on is they're blaming everyone but themselves and they are the people who appropriated money and made these laws. we're paying for what we've done. melissa: governor, you're a democrat. you're saying we can't spend beyond our means? i think you might get your card revoked for that because a lot of democrats right now that want to keep spending. to live within our means, means massive reform and big cuts into major programs. are you comfortable with that, governor? >> look, we have got to find ways to stablize, in terms of entitlements, social insurance programs, i think, i'm a democrat. i think it is vitally important these programs are stable, they're properly funded. they're guaranteed to be there when people who are depending on them. which is almost every american for things like medicare
, stuart. martha. martha: if congress fails to raise the debt ceiling, democrats suggest ad very interesting alternative the president could take into consideration, he could just mint a couple trillion dollar coins. the idea was floated by an analyst at washington research group. democrats like jerrold nadler says this is a great idea. there is a legal loophole that allows the treasury to print platinum coins of any denomination the president likes. republicans say no way. they are already introducing a bill to make sure it doesn't happen. seriously? give me a break. bill: they would be quite valuable. martha: really. bill: maybe not. martha: maybe not. bill: on the topic of money, president obama is settling on the new pick for treasury secretary. he might announce it sometime this week. jack lew would replace timothy geithner if confirmed. prior to this role he was the direct are to you of office of management and budget. before that lew was the first deputy secretary of state and management resources. martha: washington is still reeling from the president's nomination of chuc
.8%. red alert. the united states could default on its debt in five weeks in congress doesn't raise the debt kree ceiling. half a month earlier than expected. america could be in default as early as february 15th and almost certainly before march 1st. despite extraordinary measures taken by the treasury department to delay that from happening. on that day, the luu.s. will ha $9 billion coming in to the treasury's coffers. $52 billion going out. committed spending, including social security checks, paying f active duty military. that's what they are fighting in washington. how to cut that spending. >> that math does not add up. it cannot work. >>> so it wasn't exactly point/counter point. because piers morgan didn't say much when he sat down with alex jones, the guy who created this petition to have piers deported because is he an outspoken advocate of guns and gun control. jones went completely into rant mode last night. here is what he said. >> i'm here to tell you, 1776 will commence again if you try to take our firearms, doesn't imagine how many lemon us get on the street, beggin
washington push this debt ceiling fight before damage is done to the economy? an economist with ftn financial joins us and steve liesman, our senior economics reporter. you worried, what are you thinking here? >> you know the problem is we're already starting to see the consequences and specifically we saw that in the quarters leading up to the fiscal cliff discussion, and really this is just another reminder, another round reminding the american people and the world just how much of an imbalance this u.s. u.s. economy has become with out-of-control government spending and removing any incentive for businesses to invest in the u.s. economy. these are different conversations. when we talk about the government shutdown as a result of breaching the cliff, this is on obligations already made, dollars already spent. the conversation that we need to have or include here is reining in future spending which is what the republicans are trying to do at this point. >> what do you think, steve? have we already seen damage to the economy with all this uncertainty and questions surrounding the debt ceiling
these situations like the sequester or the debt ceiling or the depreciation of government to try to engage the president to deal with this. it's a shame we have to use whatever leverage have in congress to get the president to deal with our future with excessive spending. >> jennifer: it was yesterday he said that but i'm sure he still believes it today. everybody agrees we have to cut spending for long-term purposes. the disagreement is over the length of time. joining me now is pulitizer prize winner hedrick smith, he is the author of the new book "who stole the american dream?" so glad to well you inside "the war room." >> so good to be with you. >> jennifer: do you think the middle class is a casualty of this kind of political wrangling in washington. >> i think it goes further back than that. it starts with a huge power shift that took place in washington back in the 1970s. we think of middle class prosperity as a time when the economy worked much better but the politics worked much better as well. we had women's movement strong labor movement all of those things
cuts in exchange for raising the debt ceiling. now some republicans are saying, how about we just ask for a budget? the congressional budget act of 1974 requires that congress pass a budget every year by april 15th. harry reid last allowed a budget to be passed in the senate in april of 2009. as you ed said earlier that is 1350 days ago. the reason is clear. the budget that was passed passed by a big democratic majority had highly elevated levels have spending. by not passing a new budget they of made the spending the new baseline. they really don't want to change that. they haven't passed one. they funded the government by passing a series of continuing resolutions since then. >> neil: are they breaking the law? >> they are. the law does require congress to do this. i have to say, after i published this article in the washington examiner. i got tons of e-mails, gee, if it's the law and harry reid is breaking it can't they do something about it? the law was written and it's a requirement and it has no enforcement provision. it has no teeth in it. harry reid is violating the law, but t
of democrats is calling on president obama to ignore the legal debt ceiling and barrow more morning without the consent of congress. they've signed a letter endorsing this drastic and legally questionable action, arguing the president could invoke the 14th amendment to raise the debt limit if republicans stand in his way. quote, in the event the speaker, that is speaker john boehner follows through on his reckless threat, they write. we would support your use of any authority available to you including the 14th amendment to preserve america's full faith and credit and preserve further damage to our economy. a new gallop poll says 77% of americans say washington politics is causing serious harm to the nation. let's talk about it with steven hayes a writer for "the weekly standard" and a fox news contributor. this would give the president unlimited power to raise the debt ceiling any time he wanted because he deems it in theest interest of the country? >> it would indeed. there is another proposal that's been floated out there that suggest -gs that the president mint a trillion dollar coin to
, there should be no fight about raising the debt ceiling, and there should be notified about the reality of having to control spending. there should be a fight about how we do it, and what i would like to see the people in congress do is engage in that fight. there was a time when elected members of the senate and house engaged in legislative debates about the right way to fix problems, and we have not seen this said do anything in three years, and we would like to see the house give the senate a bill and have them have that debate. lou: you know right now, the democrats have not passed -- >> allow me my dreams, lou. lou: on going to, if i may intrude just a bit. that is to say that the democratically controlled senate, as you know, has not passed a budget of more than three years and bought this year either in this rural to shocked. we are operating on a different level. secondly, the president of the united states is required to print a budget -- present a budget between the first monday in january and the first monday in february. he has not done so for three years. >> right. lou: i m
's saying that's not an emergency? 87 dead americans every day and the fiscal cliff or debt ceiling is more important than 87 families burying their children and family members every day? that is immoral. and the nra is immoral. and let's face it. the gun industry controls congress and until the people take back their congress, it's going to be more massacres, more gun sales, more money back to the nra supporters in congress. >> let's get in you on this, michael. there are conservative groups backing this gun appreciation day. >> yeah. >> but for those who think it's just republicans or conservatives who are so-called gun rights advocates that's not the case. i want to play freshman senator highcamp. she was on abc's "this week," their sunday morning program. >> i think you need to put everything on the table but what i hear from "the washington post" and white house, that's way in extreme of what i think is necessary or even should be talked about. and it's not going to pass. >> certain things are not going to pass and the things she was referring to listed as possible proposals from the p
had before. they will not negotiate over the debt ceiling. this has led some republicans and some outside groups as well to advocate whether the congress would try to consolidate this issue on their own. using what they call regular order. i think what they mean by that as congress should go ahead and pass the budget resolution, have that resolution contain reconciliation constructions which is a fancy phrase for having them tell different committees, as revenues to raise our how much to slow down the growth of spending and maybe to put something horrible in it that will happen if they do not follow through. we saw how all that worked with the super committee. there are two basic problems with this approach. there is not enough time. the contemporarily raise the debt limit. this would be extreme. even if they give themselves more time, congress as a whole cannot pass a budget resolution unless both the house in the senate passed their home and the senate has not done that for a number of years. it would be even harder for them now. the one thing the deal did was to pick be lowest
the u.s. has rarely had a surplus. the debt ceiling law was established to give treasury the flexibility to borrow chunk of money without going to congress to get approval every time a law was passed. it had nothing to do with spending control or debt control. it was a technicality, most functioning countries don't have any such thing because they understand that if the government spends the money it has to pay the bills. but republicans seem to think the debt ceiling is a good tool to limit how much the government spends. the current ceiling was officially hit on december 31st, but like last time, the u.s. treasury is using extraordinary measures to get through until about mid or late february. if congress doesn't act by then, government may not be able to pay some of its bills, as simple as that. rush, i hope you're taking notes. that's it for me. i'm out. same time tomorrow. you know it can be hard to breathe, and how that feels. copd includes chronic bronchitis and emphysema. spiriva helps control my copd symptoms by keeping my airways open for 24 hours. plus, it reduces copd flare-u
to debate the debt ceiling. yes, he is. he's going to have to. any time the president of the united states comes to congress and wants the authorization to increase the debt burden on our children and grandchildren, that's a debate we should have. my guess is we're going to have this ongoing debate time and time and time again, because i don't see a grand bargain occurring. i mean i just don't. i wish there was. but i don't think this is going to be solved withs 09-yard hail mary pass. i think this is going to be a ground game, 3.5 yards. a lot of blood, sweat and dust. so this is going to be the argument going forward four years. how do you restrain the rate of growth in government? and like your previous guest was talking about. i certainly come from the position i think john would agree with me that the root cause of the problem is the size, the scope, and the cost of government. and government creates high level of uncertainty. let's face it, business is hard enough. there's enough uncertainty just competing in a marketplace, much less, you know, what government throws at you, with inc
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